Segro will today reveal that the final terms of its purchase of industrial property rival Brixton have been approved by the company boards, bringing the takeover near completion.
The two companies have agreed to swap 1.75 shares in Segro, worth about 40p, for every Brixton share. That is substantially less than the price the market had expected when Segro, led by Ian Coull, chief executive, revealed itself as a bidder for Brixton in May.
Brixton’s shareholders will still have to approve the deal before it can be completed. There had been rumours of other approaches, although no other bidders have challenged Segro’s offer.
Segro will today also confirm details of a £250m capital raising that will fund the acquisition, which will be structured as a placing of shares rather than a rights issue.
Financial Times, Daily Telegraph